Second charge lending totalled £143.3m in June 2022, figures reported directly to Loans Warehouse from second charge lenders confirm.
June’s figures represent a 5.03% drop compared with May’s, but a 37.41% increase on June 2021.
The annual growth continues to surpass all records since the financial crisis, as Q2 reports the highest quarter lending since 2007, up 7.25% on an already record-breaking Q1 and £840.2m lent year to date.
Matt Tristram (pictured), director and co-founder of Loans Warehouse, said: “We’re seeing a shift in the use of a second charge, with the number of home improvement loans starting to fall slightly, potentially linked to the rising cost of living and materials.
“Completion times are up slightly in June, but May saw a big decrease from previous months, so this wasn’t unexpected.
“Elsewhere in second charge lending we have seen Oplo introduce the industry’s first Green Second Mortgage discounted product, as they begin their migration across to Tandem Bank Group, whilst also increasing their maximum loan from £100,000 to £250,000.
“Spring Finance secured funding from NatWest as well as relaunching their entire range including an interest only buy-to-let product.
“Selina Finance revamped its residential range with enhancements for self-employed applicants as they ramp up lending leading into Q3.
“Overall, opportunities and choices are increasing in the second charge market, which is great for both borrower and broker.”
